Capital gain on sale of depreciable asset
This query is : Resolved
12 October 2013
Office Premises was purchased and sold in the same year without claiming depreciation. Another office Premises purchased during the same year and profit on sale of first premises is reduced from the purchase price of subsequent office. Thus the entire sale price is reduced from subsequent purchase being in the same block of asset. However on subsequent purchase of office no depreciation is provided.
AO treated the sale transaction as short term capital gain.
kindly provide your comments and valuable suggestions
AO treated the sale transaction as short term capital gain.
kindly provide your comments and valuable suggestions
12 October 2013
Yes It would be short term capital gain and calculation will be made by due calculation of depreciation.
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